Marvel Parts, Inc, manufactures auto accessories. One of the company's products is a set of...
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Marvel Parts, Inc, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1010 hours each month to produce 2,020 sets of covers. The standard costs associated with this level of production are Direet labor Variable manafacturing overhead (based 3,030 1.50 23.00 During August, the factory worked only 1,080 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month Direet nateriale (8,100 yards) 46.990 $17-4 9.990 3.78 4,590 1-70 22.80 Variable manufaoturing overhead At standard, each set of covers should requlre 2.0 yards of material All of the materials purchased during the month were used in 1. Compute the materials price and quantity variances for August 2. Compute the labor rate and efficiency varlances for August 3 Compute the variable overhead rate and efficiency varlances for August Indicate the effect of each varlance by selecting "F for favorable, "U for unfavorable, and "None" for no effect (I.e, zero 888 a 5 6 8
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